About the Information Available on EMMA

You must acknowledge having read this information and must accept the terms and
conditions of use for the EMMA web site – including restrictions on the use of third-party
proprietary data – before accessing the data and document pages of this web site.

EMMA provides documents and data derived from a number of sources. It is important
that you understand what those sources are and any limitations on your use of certain
data elements made available through EMMA derived from some third-party sources.
A more complete description of the terms by which you may use EMMA and the documents
and data displayed on this website is set forth in the EMMA Terms and Conditions of Use.

Documents

EMMA makes available copies of official statements, preliminary official statements
and advance refunding documents submitted to the MSRB by broker-dealers and banks
that underwrite new issues of municipal securities. In addition, EMMA makes available
copies of continuing disclosure documents submitted to the MSRB by municipal issuers
and other obligors on municipal securities. In general, such documents are created
by such municipal issuers with the assistance of a number of other parties.

The data elements displayed on EMMA are obtained from various sources, as described
below:

Identifying Information

For virtually every municipal security found on EMMA, the following data elements
are provided, to the extent applicable: issuer name, security description, CUSIP
number, dated date, maturity date, interest rate, principal amount and initial offering
price, among other data elements. Portions of this data are provided by broker-dealers
and banks submitting documents and data to the MSRB, while other portions are provided
by certain third-party sources, including the CUSIP Service Bureau (operated by
Standard & Poor’s Financial Services LLC on behalf of the American Bankers Association
(“ABA”)).

The CUSIP Service Bureau and the ABA assert that the
CUSIP Database, including CUSIP numbers, CUSIP standard securities descriptions
and other data, are and shall remain valuable intellectual property of the CUSIP
Service Bureau and the ABA, and EMMA users acknowledge and agree that no proprietary
rights are being transferred to EMMA users in such materials or in any of the information
contained therein. Such information is provided on EMMA solely for the purpose of
identifying municipal securities as an integral part of EMMA’s trade price and rate
information and to which the documents provided on EMMA are related. No other use
of such information is granted by the MSRB, Standard & Poor’s, the CUSIP Service
Bureau or the ABA. EMMA users agree not to use such information for any other purpose.
Redissemination of such information is strictly subject to the Terms of Use. Further,
EMMA users agree that the use of such information is not intended to create or maintain,
and does not serve the purpose of the creation or maintenance of, a file of CUSIP
numbers or standard securities descriptions, and is not intended to create and does
not serve in any way as a substitute for any CUSIP subscription services now or
in the future offered by the CUSIP Service Bureau.

For some securities, some or all of the securities-specific information made available
on EMMA is derived from Standard & Poor’s SECURITIES
DATAMANAGER. Such information is provided on EMMA solely for the purpose
of identifying municipal securities as an integral part of EMMA’s trade price and
rate information and to which the documents provided on EMMA are related. No other
use of such information is granted by the MSRB or Standard & Poor’s. EMMA users
agree not to use such information for any other purpose. Redissemination of such
information is strictly subject to the Terms of Use. Further, EMMA users agree that
the use of such information is not intended to create or maintain, and does not
serve the purpose of the creation or maintenance of, a file of such securities-specific
information, and is not intended to create and does not serve in any way as a substitute
for any SECURITIES DATAMANAGER subscription services now or in the future offered
by Standard & Poor’s.

Trade Price And Interest Rate Information

Broker-dealers and banks that trade municipal securities are required to submit
to the MSRB, through its Real-Time Transaction Reporting System (“RTRS”), basic
information about each trade, including the price at which such trade was effected.
In addition, broker-dealers and banks that serve as program dealers for municipal
auction rate securities or as remarketing agents for municipal variable rate demand
obligations are required to submit to the MSRB, through its Short-term Obligation
Rate Transparency (“SHORT”) system, basic information about each auction or remarketing,
including the interest rate set for the next rate period. This price and rate information
is combined with securities identifying information for display on EMMA.

Market Statistics

The MSRB’s research unit uses the data obtained from broker-dealers and banks through
RTRS, together with securities identifying information and certain additional data
elements from SECURITIES DATAMANAGER, to derive statistics with respect to trading
in the municipal securities market for display on EMMA.

Credit Ratings

MSRB’s EMMA website displays ratings for municipal securities currently assigned by Fitch Ratings, Kroll Bond Rating Agency, Inc., Moody’s (as defined
below) and Standard and Poor’s (S&P) based on their agreement to make them available to the public through the EMMA website. EMMA USERS SHOULD BE AWARE
THAT RATINGS INFORMATION APPEARING ON THE EMMA WEBSITE IS CURRENT AS OF THE “LAST UPDATED” DATE AND TIME INDICATED ON THE EMMA WEBSITE, AND THE MSRB TAKES
NO RESPONSIBILITY FOR INDEPENDENTLY VERIFYING THE ACCURACY OR TIMELINESS OF THE RATINGS INFORMATION PROVIDED BY THE RATING AGENCIES THROUGH THEIR DATA
FEEDS. THE EMMA WEBSITE DISPLAYS ONLY THE CURRENT RATINGS INFORMATION FOR ANY SECURITY AND DOES NOT DISPLAY HISTORICAL RATINGS INFORMATION. Thus, if the
rating for a municipal security has been changed by a rating agency, the prior rating will no longer be accessible through the EMMA website. At times,
rating agencies may take rating actions that are not immediately included in the data feeds but may instead be released initially through other means,
such as a press release or spreadsheet posted on their websites. To view any potential rating action that may have been taken by a rating agency on a
municipal security since the last update received by EMMA, or to understand the meaning of the ratings and other information provided by each rating agency,
please refer to the information available on those agencies’ websites.

Standard and Poor’s Financial Services LLC Disclaimer

No content (including ratings, credit-related analyses and data, model, software
or other application or output therefrom) or any part thereof (Content) may be modified,
reverse engineered, reproduced or distributed in any form by any means, or stored
in a database or retrieval system, without the prior written permission of Standard
& Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content
shall not be used for any unlawful or unauthorized purposes. S&P and any third-party
providers, as well as their directors, officers, shareholders, employees or agents
(collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness
or availability of the Content. S&P Parties are not responsible for any errors
or omissions (negligent or otherwise), regardless of the cause, for the results
obtained from the use of the Content, or for the security or maintenance of any
data input by the user. The Content is provided on an “as is” basis. S&P PARTIES
DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO,
ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM
FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED
OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In
no event shall S&P Parties be liable to any party for any direct, indirect,
incidental, exemplary, compensatory, punitive, special or consequential damages,
costs, expenses, legal fees, or losses (including, without limitation, lost income
or lost profits and opportunity costs or losses caused by negligence) in connection
with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content
are statements of opinion as of the date they are expressed and not statements of
fact. S&P’s opinions, analyses and rating acknowledgment decisions (described
below) are not recommendations to purchase, hold, or sell any securities or to make
any investment decisions, and do not address the suitability of any security. S&P
assumes no obligation to update the Content following publication in any form or
format. The Content should not be relied on and is not a substitute for the skill,
judgment and experience of the user, its management, employees, advisors and/or
clients when making investment and other business decisions. S&P does not act
as a fiduciary or an investment advisor except where registered as such. While S&P
has obtained information from sources it believes to be reliable, S&P does not
perform an audit and undertakes no duty of due diligence or independent verification
of any information it receives.

To the extent that regulatory authorities allow a rating agency to acknowledge in
one jurisdiction a rating issued in another jurisdiction for certain regulatory
purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgement
at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever
arising out of the assignment, withdrawal or suspension of an acknowledgment as
well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other
in order to preserve the independence and objectivity of their respective activities.
As a result, certain business units of S&P may have information that is not
available to other S&P business units. S&P has established policies and
procedures to maintain the confidentiality of certain non-public information received
in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally
from issuers or underwriters of securities or from obligors. S&P reserves the
right to disseminate its opinions and analyses. S&P's public ratings and analyses
are made available on its Web sites, www.standardandpoors.com (free of charge),
and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may
be distributed through other means, including via S&P publications and third-party
redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

NOTICE TO AUSTRALIAN USERS

S&P’s credit ratings and related research are not intended for and must not
be used by or distributed to any person in Australia other than a wholesale client
(as defined in Chapter 7 of the Corporations Act). Australian users can access additional
information about S&P’s credit ratings and related research from www.standardandpoors.com.au.
Other S&P websites are not intended for Australian users.

Australia Country Condition

LICENSEE accepts and acknowledges that S&P’s provision of the S&P Services
to LICENSEE is based and conditional on the veracity and accuracy of LICENSEE’s
representation that it is not a Retail Client. In addition, LICENSEE acknowledges
that credit ratings and/or related research provided to LICENSEE pursuant to the
terms of this Order Schedule are not intended for Retail Clients in Australia. In
furtherance of the foregoing, LICENSEE shall require that each Subscriber, before
obtaining access to the Licensee Service, affirmatively represent by mouse click
or key stroke that he or she is not a Retail Client in Australia. In the event that
S&P informs LICENSEE that S&P knows or reasonably believes that LICENSEE
has distributed credit ratings and/or related research to a Retail Client in Australia,
LICENSEE agrees to reasonably cooperate with S&P to cease such distribution.
For purposes of this Order Schedule, "Retail Client” shall have the meaning ascribed
to it in Chapter 7 of the Corporations Act of 2001 (Australia).

Kroll Bond Rating Agency, Inc.

Some ratings information available on the Website is provided by Kroll Bond Rating Agency, Inc. and/or its licensors and affiliates (together, “KBRA”).
All such information is proprietary to KBRA and is protected by copyright and other intellectual property law, and none of such information may be copied
or otherwise reproduced, further transmitted, redistributed, repackaged or resold, in whole or in part, by any person, without KBRA's prior express written
consent. KBRA ratings are licensed by KBRA under these conditions. Misappropriation or misuse of KBRA ratings may cause serious damage to KBRA for which
money damages may not constitute a sufficient remedy; KBRA shall have the right to obtain an injunction or other equitable relief in addition to any other
remedies. The statements contained in any KBRA ratings report are based solely upon the opinions of KBRA and the data and information available to the
authors at the time of publication of such report. All information contained in the KBRA ratings reports is obtained by KBRA from sources believed by
KBRA to be accurate and reliable; however, KBRA ratings are provided “AS IS”. No warranty, express or implied, as to the accuracy, timeliness, completeness,
merchantability, or fitness for any particular purpose of any rating or other opinion or information is given or made by KBRA. Under no circumstances
shall KBRA have any liability resulting from the use of any such information, including without limitation, for any indirect, special, consequential,
incidental or compensatory damages whatsoever (including without limitation, loss of profits, revenue or goodwill), even if KBRA is advised of the possibility
of such damages. The credit ratings, if any, and analysis constituting part of the information contained in any KBRA ratings are, and must be construed
solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. KBRA receives compensation for
its rating activities from issuers, insurers, guarantors and/or underwriters of debt securities for assigning ratings and from subscribers to its website.

Moody’s Corporation Disclaimer

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT
RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY’S (“MOODY’S PUBLICATIONS”)
MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES
CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT
OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT
RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE
QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS
DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO
PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR
INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE
CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER
MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS IN MAKING ANY INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL
ADVISER.

ALL MOODY’S INFORMATION DISPLAYED ON THE WEBSITE IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE
COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR
ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

All information used in connection with MOODY’S credit ratings and MOODY’S Publications is obtained by MOODY’S from sources believed by it to be accurate
and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all MOODY’S information displayed on the Website
is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is
of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S
is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s
Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to
any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information
displayed on the Website or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents,
representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss
of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit
rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for
any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful
misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond
the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with
the information displayed on the Website or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING
OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of
debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service,
Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging
from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes.
Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS
and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor
Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

For Australia only: Any publication into Australia of MOODY’S credit ratings and MOODY’S Publications is pursuant to the Australian Financial Services
License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105
136 972 AFSL 383569 (as applicable). MOODY’S credit ratings and MOODY’S Publications are intended to be provided only to “wholesale clients” within the
meaning of section 761G of the Corporations Act 2001. By continuing to access MOODY’s information displayed on the Website from within Australia, you
represent to MOODY’S that you are, or are accessing this information as a representative of, a “wholesale client” and that neither you nor the entity
you represent will directly or indirectly disseminate this information or its contents to “retail clients” within the meaning of section 761G of the Corporations
Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer
or any form of security that is available to retail clients. It would be dangerous for “retail clients” to make any investment decision based on MOODY’S
credit rating. If in doubt you should contact your financial or other professional adviser.

For Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s
Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ
is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO
Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under
U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner
(Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial
paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable)
for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

Sanctions Compliance

Each User of the Website warrants that it is not owned or controlled by, nor does it own or control, directly or indirectly, a person or entity that is
(i) on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the
Treasury or the U.K. Consolidated Financial Sanctions List maintained by Her Majesty’s Treasury; or (ii) subject to country sanctions imposed by the U.S.
Government for any reason, including but not limited to being organized or headquartered in or a governmental entity of a country subject to such sanctions
(currently Cuba, Iran, Syria, and Sudan); or (iii) organized or headquartered in any other country to which the export or re-export of U.S.-origin goods
or technologies are generally embargoed (currently North Korea). For purposes of this paragraph, “owned” and “own” mean an interest of 50 percent or
more and “control” means the right or ability to dictate the decisions, actions, and/or policies of an entity or its management.

ACKNOWLEDGEMENT AND ACCEPTANCE

BY CLICKING ON “ACCEPT” BELOW, YOU ACKNOWLEDGE HAVING READ THE INFORMATION SET
FORTH ABOVE AND YOU ACCEPT THE TERMS AND CONDITIONS OF USE FOR THE EMMA WEB SITE
– INCLUDING RESTRICTIONS ON THE USE OF THIRD-PARTY PROPRIETARY DATA – AS A CONDITION
TO ACCESSING THE DATA AND DOCUMENT PAGES OF THIS WEB SITE.

Please review the EMMA Privacy Policy for a description about how information we
collect is handled by the MSRB.

If you do not accept these terms and conditions, you will be unable to view such
data and documents that appear in the Muni Search and Market Activity sections of
this web site. However, you will continue to have access to remaining portions of
this web site.